Tag: KYC
The rise of money mules in UK fraud: Prevention and detection
Fraud in the UK has become a significant concern, with 40% of crimes being fraudulent. Money muling is at the forefront, where fraudsters utilise synthetic or real mule accounts for financial gain. The UK government, recognizing the seriousness, plans to publish an action plan to combat this issue.
Understanding proliferation financing: Key steps for compliance and risk management
Proliferation Financing (PF) is becoming an increasingly important aspect of the compliance landscape, akin to well-known areas like anti-money laundering (AML) and counter-terrorism financing (CTF). Recently, regulators, particularly in the UK, have begun implementing stricter measures to help businesses identify and mitigate PF risks.
Navigating the future of asset management: Digitalizing investor onboarding
The landscape of Asset Management firms has long been fraught with challenges, particularly in the arena of investor onboarding and lifecycle management. This process,...
Fenergo report highlights US investment banks’ struggle in fighting financial crime...
Fenergo‘s 2023 KYC Banking Trends Report has unveiled a concerning reality for US investment banks grappling with financial crime mitigation and regulatory compliance, as...
Synechron introduces RiskTech.AI Accelerators for efficient financial risk management
Synechron, Inc., a predominant global digital transformation consulting firm, focuses its expertise on the financial services and big technology sectors.
Know Your Customer partners with JETCO to deliver access to company...
Know Your Customer, a renowned RegTech provider, has announced a strategic partnership with Joint Electronic Teller Services Limited (JETCO) to offer real-time access to...
Fenergo partners with Generali Investments to counteract advanced money laundering techniques
Generali Investments Holding, a powerhouse in the world of asset management with over €504bn assets under management (AUM), has chosen to partner with Fenergo, the industry leader in digital solutions for Know Your Customer (KYC), Transaction Monitoring, and Client Lifecycle Management (CLM).
Paytm Payments Bank faces hefty INR 5.4 crore fine due to...
Paytm Payments Bank has been penalised INR 5.4 crore by the RBI owing to its failure to adhere to KYC instructions.
Moody’s Analytics Shares Key Steps for Enhanced PEPs Screening
In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.
UK’s red tape cut: A bold step for post-Brexit growth and...
The UK Government is diving headfirst into a comprehensive review of all regulators within its jurisdiction. Their goal? To eliminate unnecessary bureaucratic obstacles, making the most of the liberties afforded post-Brexit.